Grantham’s GMO assumes crash position

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Via the AFR:

[6%] is the amount by which analysts expect Wall Street’s earnings per share to fall in the fourth quarter of 2020 from a year earlier.

…“I don’t know whether investors believe the forecasts they are looking at. I don’t know how long it’s going to take it for the market to wake up to reality. And I don’t know exactly what reality is going to look like.”

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.